The International Energy Agency (IEA) recently released the latest "Renewable Energy Market Report", which predicts that by 2026, global renewable energy power generation will jump to more than 4,800 GW, an increase of more than 60% from 2020 levels , And it is estimated that by 2026, renewable energy will account for 95% of the world’s new electricity generation. "We have raised our forecast a year ago because at COP26, countries announced stronger policy support and ambitious climate goals." IEA said in the report.
The report mentioned that in 2021, the world’s newly installed renewable energy power generation capacity will be close to 290 GW, and it is expected that this year’s new installed capacity will hit a record high. According to current trends, by 2026, the installed capacity of renewable energy power generation will exceed the combined capacity of fossil fuels and nuclear energy. China is expected to reach 1,200 GW of installed wind and solar capacity in 2026, four years ahead of its 2030 target and ahead of the United States, Europe and India. "The high prices of commodities and energy that we see today have brought new challenges to the renewable energy industry, but rising fossil fuel prices have also made renewable energy more competitive," said the Director-General of IEA.